The U.S.-Mexico-Canada agreement, or USMCA which replaces NAFTA, will take effect from July 1. The hoped-for improvements in trade volumes will be welcome given the COVID-19 driven drop in regional trade but could take months and years rather than weeks to materialize. Total U.S. merchandise trade fell 4.2% year over year in March including an acceleration in the drop in exports to 3.1% from 1.6% a month earlier. The growth in exports of industrial supplies fell to 1.1% from 6.2% in February, in part due to a slide in oil prices that also cut total exports from Mexico by 4.1% year over y...